For a lot of people, purchasing a home can be an intimidating event. However, with some planning ahead of time, it's not all that complex.
So you know exactly what to expect, I like to provide my buyers with an outline of the whole deal.
Below are my nine steps to buying a home.
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If you have any questions regarding any of this information or if you're prepared to get started, you can contact me here or e-mail me at dianne@aloha.net.
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Step 1 – Get ready to buy a home
Before you start searching for a home, there are several things you'll want to contemplate.
You'll want to put together a check list of must-haves, get a plan of what school districts and neighborhoods you'd like to live in, and begin planning your budget.
Keeping your mortgage payment less than or around 30 percent of your net monthly income is a good rule of thumb to follow.
Step 2 – Get with a real estate agent in Kailua Kona
That's where I come in.
I'd love to schedule a time to meet with you and communicate with you regarding why you want to buy a home and get an idea of your future plans.
We'll discuss the mortgage and housing industries, other economic factors that might affect your purchase today or in the future, as well as neighborhoods and school districts in the Kailua Kona area.
I'll also assist you with getting started on your loan.
Clark Realty Corporation partners with some of the best mortgage professionals in Kailua Kona, so you can rest assured that you're in great hands.
They will help you figure out which type of loan is best for you, as well as help you get approved.
Step 3 – Start house hunting
Following our first meeting, I'll start looking for houses on the market that are good for you.
I'll preview many of the houses and exclude the duds, and then we'll schedule appointments to tour the homes at a time that's convenient for you.
When we view houses, I'll call attention to positive features and negative ones. I'll even ask you about things you like and dislike.
It's pretty common for buyers to amend their must-have list as we view houses and some items become more important than others.
If that's the situation, I'll look through all the listings one more time and trim it down to the house you've been dreaming about.
Step 4 – Get a grasp of the market
An agent's awareness of the Kailua Kona market is an essential agent in your home search. And I can assure you I'm mindful of all the neighborhoods and school districts, and I will communicate which neighborhoods are "hot" and call for prompt action and others that are "cold" and allow for thoughtful analysis.
When we tour houses, I'll make sure to communicate when the seller's asking price has room for negotiation and also when I believe the house is "priced to sell."
Every real estate agent will convince you they truly know the home market, but be on guard, and be sure to ask your agent plenty of questions.
If it seems like they don't know everything, just call me at 808-331-1300 or e-mail me at dianne@aloha.net, and I'd be glad to answer any questions you might have. My market knowledge will help you stay a step ahead through the entire process.
Step 5 – Find the house you've been waiting for
We'll find the house of your dreams in the Kailua Kona area, and when that happens, I'll precisely create your purchase offer. The offer will be made keeping your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like your ability to secure financing and the results of the home inspection.
Upon sending in your offer, you'll need to submit "earnest money." This is a cash deposit made to a seller to secure an offer to buy the property. The amount is typically applied to the closing costs. If your offer is accepted by the seller, we should close within 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts don't close on the beginning offer. It's extremely common to receive a counter offer. Don't let it discourage you. We'll talk over whether or not to agree to the counter offer, propose our own counter offer, or decline the seller's offer and go on.
The state of the market determines how aggressively we negotiate the deal.
In addition, we'll work within your financing budget. And when it's all said and done, we'll assemble a contract that's best for you.
Step 7 – Obtain your loan
After we sign the final sales contract, you'll begin working with your mortgage lender to close the loan.
If you've been pre-approved, this won't take much time at all. However, you'll want to stay in close contact with your lender.
And I'll sort out all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will send you a Good Faith Estimate (GFE) detailing your closing costs within three days of receiving your application. You'll get a Good Faith Estimate (GFE) detailing your closing costs from your mortgage lender within three days of taking your application.
The estimate rests on the loan amount. RESPA requirements require that it has to involve all closing costs and fall within a tight range of accuracy, and I'll examine the estimate and let you know if it all looks all right.
Then it's time to close on your home. This should occur at a title company or escrow office and will likely be a smooth and calm occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything, simply contact me at 808-331-1300 or send me an e-mail.
